After I came up with the idea I started searching and was able to easily find on the web a couple of similar looking (though not Gold related) continuation symmetrical triangle patterns with the happy-ending moves upon breakouts. Can you find similarities, especially with the RIG chart?
=> You'll have to click on or copy/paste the links below. Don't worry - they are safe. <=
I interpret them as a sign that though this my view might be crazy but at least not completely unrealistic. Landing on 200 MA, which I expect to be tagged and get bounced off as opposed to burn through it, could provide another argument in favour of the 'right' direction.
Now - thoughts. I need your thoughts!
And if my theory is wrong than my theory is wrong...
However, regardless of what I'm saying (have said or will ever say) trade exclusively YOUR OWN plan. And, please, trade with care!
Below I redrawn the trendlile which is forming the lower border of the triangle (thick black line) more acurately, having it running precisely (up to the penny) through the June 20, 2015 and May 30, 2015 lows. In this version today's action have not compromised the trendline. Or, at least, haven't yet.
The risk is obviously holding the stock over the weekend into the promising but still unknown of the following week.
However, this is not a trade advice; trade your own plan. And, please, trade with care.
The pattern itself is rather bullish: http://thepatternsite.com/EWTriangleDescending.html
This week's action:
End of May action:
However, should you decide to trade please trade YOUR OWN plan.
I came across his blogs sometime in 2014 through ST, even before he launched his paid subscription service. After he started charging, I continue reading his public blogs only. For educational purposes I consider them sufficient since I'm not an F/T trader and have a day job.
Anyway, my Gold related positions are long as well. Let's see what next week brings to the table...